Habib Bank – Ratings Lowered; Outlook Revised to Stable from N e g ative

Download PDF
Click the icon to download

Content is restricted

Summary

Ref: PK00522CRA00-01 29 September 2023

Ref: P K 0 0 5 2 2 CRA00- 01 2 9 Sept ember 202 3

Habib Bank – Ratings Lowered; Outlook Revised to Stable from N e g ative

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has downgraded the Long-Term Foreign Currency Rating ( LT FCR ) and Short -Term Foreign Currency Rating ( ST FCR ) of Habib Bank Limited (HBL) to ‘C+’ and ‘C’ , respectively, from ‘B-’ and ‘B’ . At the same time, C I Ratings has lowered HBL’s Bank Standalone Rating ( BSR ) to ‘c’ from ‘b-’ and the Core Financial Strength ( CFS ) rating to ‘b+’ from ‘bb-’. The Outlook for the LT FCR and BSR has been revised to Stable from Negative.

The lowering of the Bank’s LT FCR and ST FCR reflects the downward adjustment of CI’s internal assessment of sovereign credit risk for Pakistan. The latter is primarily driven by Pakistan’s weakening economic and…